MD Project Lands $75M Construction Loan
- May 17, 2019
Developer Calvin Cafritz Enterprises has landed a $57 million participating construction loan to develop The Residences at Riverdale Park Station, a 229-unit community in Riverdale Park, Md. Principal Real Estate Investors was the lender. Philip Mudd and Bradley Geiger of Cushman & Wakefield arranged the financing for the development, which is expected to complete in the second quarter of 2020.
Located at 4650 Van Buren St., the five-story building will also include 8,000 square feet of amenity space, 10,000 square feet of retail accommodation and 750 structured parking spaces.
The project is part of Riverdale Park Station, a 36-acre master-planned community within the northeast suburb of Washington, D.C. Upon completion, the development will feature 119 townhouses and 850 apartment units along with 160,000 square feet of retail space, 20,000 square feet of office space and a 120-key hotel.
Purple Line spawns properties
Calvin Cafritz Enterprises has already wrapped up the first two phases of the mixed-use development. Phase one was delivered in 2017, with 53,000 square feet of restaurant and retail space anchored by the first Whole Foods Market in Prince George’s County.
Phase two, spanning 109,000 square feet, consists of buildings 1, 2A, 2B and 4 and is leased to a number of national and local retail tenants including Gold’s Gym, Fed Ex, Burton’s Grill and Habit Burger.
The transit-oriented project on Baltimore Avenue will be served by its own stop on the Purple Line, a 16-mile light rail line that will connect several Maryland suburbs within the Washington, D.C. metro area. A number of large-scale developments are underway along the upcoming $5.6 billion line, which started construction in 2017.
A little more than a mile to the west of Riverdale Park Station, a joint venture of The Donaldson Group, Declaration Capital and Angelo, Gordon & Co. acquired Plaza Towers, a 288-unit community in Hyattsville, Md., for $42.6 million in a transaction that closed in January.